How are you managing your employee referrals today? Do employees know where to go to make a referral? Is it straightforward and simple for them? Are your recruiters notified when a new employee referral comes in? Is it easy to access referrals? Do you know how many referrals you receive per month, per quarter, per year? Do they increase during certain times of year? Do you run employee engagement campaigns to increase participation?
If you don't know the answers to the above questions, we suggest you keep reading to hear about 11 reasons why you should invest in a centralized employee referral platform.
- A centralized platform takes the guesswork out of...well... everything for employees! One platform means one destination for everything. One place to find jobs to refer their friends to, one place to read about program eligibility, one place where they can look at the history of all of the referrals that they've made and the progress they've made in interviewing.
- Recruiters rejoice! One centralized data hub for all of your referred talent. No more riffling through stacks of paper on your desk or clicking through email inbox after inbox trying to find referrals to fit your open requisitions. A centralized platform is easy to navigate and makes it easy to find employee referrals to match to your open requisitions.
- It connects with your ATS. Well, at least RolePoint does! What's great about using a tool like RolePoint is you have an employee facing platform, making it easy for employees to access and make referrals... what they don't see? The API connection directly to your ATS. We connect with the top Applicant Tracking Systems to pull in your jobs feed and we have candidate import directly into your ATS allowing your recruiters to view referred talent right in the place they access the most.
- Let's talk social media. Social media makes your world both bigger and smaller at the same time. Platforms like Twitter, Facebook and LinkedIn open up an entirely new network of talent. By using an Employee Referral Platform, you give employees a new way to refer their friends and former colleagues using social sharing. Employees can easily share all of your jobs on their social networks with a few clicks of a button. That's free employee brand marketing! But even better, anyone that applies through that employee's shared link on social media will be tagged as an employee referral and sent to your ATS. You are able to reach a whole new network of talent with the help from your employees.
- This next reason is great because it comes directly from one of our customers, Shane Hicks, Vice President of Global Talent Acquisition at Epicor Software.
"One of the reasons that we made the change from using our standard ATS functionality to a dedicated referral platform was that it was just so difficult to use. And, let’s be frank, it was really ugly as well. First of all, an intuitive UI and the ability to share and socialize and evangelize jobs to your social networks as part of the tool is crucial as well and turning our employees to brand social evangelists and actually turning our in this case 3,800 employees into 3,800 recruiters."
That was more than a few reasons on why the switch from using their ATS to a dedicated referral platform was absolutely necessary. Shane mentions an intuitive UI, sharing capabilities, and the best one of all... empowering their 3,800 employees to become 3,800 recruiters.
- Let's talk a bit more about the user experience Shane mentioned above. A platform like RolePoint is built with your employees in mind. They come first and so making it incredibly easy to use and accessible even on the go is a number one priority. Have a mobile workforce? No problem. RolePoint's platform is completely mobile friendly. You can make a referral anywhere you are, as long as you have internet access.
- Participation will increase. This one is important but also has a lot to do with how much effort you put into launching your new platform. Marketing is superbly important to us. Our Customer Success Managers here at RolePoint are taught to wear their marketing hats at all times when it comes to launching your new platform - and once employees catch on to how easy it is to make a referral and that their referrals are actually being tracked and that they can earn rewards just for getting involved... participation in the program will increase.
- Piggybacking on #7 is #8. Your percentage of referral hires will increase, too. Our clients typically see at least a 10% increase (or more in some cases) in referred hires after launching with our platform.
George Smallwood from Ingram Content can attest to this,
"Prior to RolePoint, we were at 21% and that was our 12-month rolling average. At that point, I set a realistic goal of 30% for the first year. Last year was the end of our first year, we ended up at 35%. Right now we’re tracking at 40% for a 12-month rolling average for purely referrals. For me, 40% is above and beyond. Now that we’re in that range, we could not be happier. We’re seeing not enough on the tail end since it is so fresh to know if it’s going to help on our retention, but we are hopeful and going with the historical thought that referrals are going to make better and longer-standing hires."
- You have a new tool to engage with your employees through email marketing campaigns. Do you have a peak hiring season? Or do you often find your team scrambling to fill roles at the end of the year? We've got news for you - an employee referral platform helps target your employees with email marketing campaigns inviting them to make referrals, share specific jobs with their networks and earn rewards in the process.
- One word: analytics. How do you track your referral metrics now? Do you know which employees make the referrals? Which locations? Departments? Don't worry if the answer is no. All of those can be answered with an employee referral platform. You can get smarter about your referral program by learning more about your top-participating locations, departments and employees. That will allow you to dig deeper to understand why certain locations and departments participate more in your program and allow you to target specific subsets of employees to increase their participation.
- The platform will save you time and money in the long run. Recruiting is expensive. Attrition is also expensive. Employee referrals offset that cost for you. They have a low cost-per-hire, take less time to hire and stay longer at the company than other sources. By launching a platform and taking advantage of the other 10 benefits above, you will improve your program over time, increase your referral hires, increase employee morale, influence employee happiness and culture and ultimately save time, money and effort. But don't just take our word for it, listen to what our clients have to say...
"With RolePoint we have ease of use for employees, trackability of their referrals, candidates are routed immediately, recruiters know what is going on, employees know when their getting paid and morale is up because the referral process matches the awesome culture we have instead of being a detriment to the culture we have." - Matthew Perry, Vice President Global Talent Acquisition at Conversant
"We track annual cost savings and for example, right now we are at $250,000 in savings purely based off of our referral program. If we hired someone and the agency cost was $24,000, but we just paid $2,000 for that referral, then we just saved $22,000. It’s something our CHRO felt was important to show the value that is generated not just from referrals but also having that in-house specialist group of talent acquisition versus always going to agencies."
Need to make a case for investing in building out your Employee Referral Program? Click here to read 11 Reasons Why You Should Invest in Building a Stellar Employee Referral Program.
About the AuthorFollow on Linkedin Visit Website More Content by Chava Vietze